KUALA LUMPUR, 8 Dec 2022 — The Securities Commission Malaysia (SC) today released new guidelines to strengthen the role of investment analyst firms and their analysts as a reliable source of investment information for the public.
The SC also issued a technical note to provide details on the licensing requirements for those providing digital investment advice which is in line with the SC’s agenda to create a digitally inclusive ecosystem for the capital market.
Both developments support a key thrust of the Capital Market Masterplan 3 to provide investors with better and greater access to quality investment advice and increased diversity to meet their emerging needs through a more digitally inclusive ecosystem.
“Investment advisers play an important role in the capital market by providing valuable insight and information for investors to assess investment opportunities. That is why the SC expects them to exercise reasonable care and diligence in providing research-related services,” said the SC Chairman, Dato’ Seri Dr. Awang Adek Hussin.
“The SC is also cognisant of the shift in the investment advisory landscape. The emergence of digital advisory models that combine technology and investment expertise is expected to further strengthen the provision of accessible and quality advice to investors,” he added.
The Market Conduct and Business Practices for Investment Analysts and Their Analysts (IA Guidelines) outline the core principles and minimum standards that must be observed by holders of a Capital Markets Service License (CMSL) and a Capital Markets Service Representative’s License (CMSRL) who issue or promulgate research reports in carrying out the regulated activity of providing investment advice.
Investment analyst firms and their analysts are expected to have high standards of integrity and competence in providing research-related services to ensure the objectivity and quality of their research reports and recommendations.
They will be given a six-month period to familiarise themselves with the IA Guidelines, which take effect on 8 June 2023.
Both the IA Guidelines and the technical note are available on the SC website at https://www.sc.com.my/regulation/guidelines/investment-advisers .
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